That is often the time of yr when month-to-month lease development begins to peak. However this summer season hits completely different.
In line with the newest information from ApartmentList, nearly all of metro-area cities—almost two-thirds—reported gradual (lower than 1 p.c) or flat (0.5 to -0.5 p.c) month-over-month lease development in June—excellent news for native renters after nearly a decade of painfully excessive annual summertime value hikes.
Final month’s sluggishness is particularly notable, as a result of all of it however seals the deal on a gradual development summer season, which ought to make annual lease will increase a teensy bit simpler to abdomen. It may present some renters with the higher hand to barter, particularly in areas with newly constructed flats.
Nonetheless, whilst development stalls, rents stay elevated.
Seattle’s median lease ticked up simply 0.8 p.c in June to $2,064, which was nonetheless sufficient to make it the sixteenth costliest giant metropolis within the nation. Sammamish clocked the metro’s costliest median lease ($3,056) whereas month-to-month development was flat (0.5 p.c). Lakewood additionally posted a nominal 0.5 p.c enhance in June and remained the metro’s most inexpensive metropolis with median lease at $1,449.
So far as the Seattle space rental market is anxious, it’s formally Flat Summer season. However there are a handful of locales the place month-over-month lease development is popping—or flopping—greater than most. Right here’s the checklist.
Summertime droop
3. Everett (tie)
After some early acceleration in lease development this yr, we hope the bulk renter group will get to take full benefit of the gradual development setting.
Median one-bedroom lease: $1,510
Median two-bedroom lease: $1,745
Month-over-month lease development: -0.1 p.c
Yr-over-year lease development: 1 p.c
3. Kent (tie)
Even whereas constantly being some of the inexpensive locations to lease within the metro space, Kent’s rental market has posted modest development as a rule this yr.
Median one-bedroom lease: $1,434
Median two-bedroom lease: $1,770
Month-over-month lease development: -0.1 p.c
Yr-over-year lease development: 0.5 p.c
2. Renton
After a number of months of optimistic month-to-month and annual development, and an annual development price higher than Seattle’s (0.4 p.c), that is seemingly a minor adjustment for brand spanking new provide.
Median one-bedroom lease: $1,800
Median two-bedroom lease: $2,148
Month-over-month lease development: -0.2 p.c
Yr-over-year lease development: 0.8 p.c
1. Shoreline
Seattle’s beleaguered northern neighbor can’t catch a break. Not solely was month-to-month development within the purple, once more, the suburb was the one space to put up a year-over-year decline—a hefty one at that.
Median one-bedroom lease: $1,659
Median two-bedroom lease: $2,076
Month-over-month lease development: -0.4 p.c
Yr-over-year lease development: -4.7 p.c
Costs peaking (in all probability)
3. Bothell (tie)
With costs beginning to creep into the costlier suburb vary, sustaining the gradual and regular month-to-month development it has for many of the yr will likely be essential for space renters.
Median one-bedroom lease: $2,072
Median two-bedroom lease: $2,454
Month-over-month lease development: 1.7 p.c
Yr-over-year lease development: 2.5 p.c
3. Kirkland (tie)
The lease in Kirkland is already among the highest round, so even a modest quantity of lease development will make a dent within the price range. However, with all that lakefront it’s no marvel it’s a prime place to dwell.
Median one-bedroom lease: $2,204
Median two-bedroom lease: $2,600
Month-over-month lease development: 1.7 p.c
Yr-over-year lease development: 5.5 p.c
2. Newcastle
Simply east of 405, this expensive however peaceable suburb has had some giant lease jumps this yr already. As the world good points recognition, it’s seemingly this received’t be the final time it’s close to the highest of the checklist.
Median one-bedroom lease: $2,217
Median two-bedroom lease: $2,367
Month-over-month lease development: 1.8 p.c
Yr-over-year lease development: 2.6 p.c
1. Issaquah
Constantly some of the costly locations to lease within the metro space, it’s not a shock this sought-after suburb posted the most important month-over-month acquire. There’s seemingly room for rents to go up much more within the canine days forward.
Median one-bedroom lease: $2,303
Median two-bedroom lease: $2,711
Month-over-month lease development: 2.4 p.c
Yr-over-year lease development: 5.6 p.c
